Leaders with CBRE Research recently published Q3 2016 data about office commercial real estate markets, particularly the one based in Columbia, where the stable market has attracted tenants and investors who want to find modern space.
For the past 14 quarters in a row, the Columbia office market has continued to grow with positive absorption. Also during this time, vacancy has increased because of new product deliveries. There are currently two prominent facilities, one in First Base Building and the other in the Innovation Center located in CBD.
As of today, the asking rates have reached record highs for all of the last four quarters, whether for CBD submarket or market levels. In the past three years, the CBD submarket has increased by 22 percent. This market activity also impacts Columbia’s investment profile; for example, the Ameris Bank Building has sold to Albany Road Real Estate Partners, located in Boston.
In addition, tenants of office space in Columbia are more willing to pay extra for premium space that will draw and maintain talent in the area. This affects Class A office space in the CBD, and allows landlords in Class B and other suburban properties to increase their rates.